The Housing Market This Spring 2019 - Spring Into Action!
It’s officially Spring!
For me, that means it’s the time to really focus- in both my personal and professional life. Personally, it’s the Season of Decluttering and Organizing my home and office. Professionally, it is also the time to declutter and organize my business, as we enter real estate’s busy season. In that spirit, I thought it was a good time to make sure you are aware of the landscape and making some impactful moves to position yourself properly.
First, interest rates have retreated into the mid- to upper- 4’s. Alive again should be thoughts of buying your first home, moving up, downsizing, or even refinancing for debt consolidation, college funding, or home improvement.
Second, real estate prices continue to climb. Values on Long Island have improved 5-12% in each of the past two years; and so-called experts see another 6%+ this year. Once again, making real estate one of the soundest long-term investments ever created.
Things you should explore (and feel free to reach out to me to brainstorm):
1- Refinancing from an FHA to a conventional loan. Take advantage of the appreciation and eliminate your Monthly Mortgage Insurance Premium. You might save hundreds a month.
2- Refinance and extract equity to payoff debt or make those upgrades you couldn’t afford when you first purchased your home. You should even consider borrowing money in the 4.5% range and investing it in your retirement, life insurance, and long-term financial planning models.
3- Move Up! Use your new-found equity and turn it into a down payment on a bigger or better home. Gaining 5% this year in value on a $500,000 home is better than on your current $350,000 one.
4- Buy an investment property! Historically speaking, we know more millionaires made their fortunes in real estate than anything else. Why not you? We even have new mortgage products that can help you buy without showing your personal income (no tax returns or even pay stubs required)! If you have 20% to put down and closing costs (and decent credit), you could be on your way!
These are some ideas I want to plant into your head before the Spring rush. As always, feel free to call or e-mail me to set up a time to chat. When I say I am here to help with all of your finance needs, I mean it!
